Prices

Popular Analyst Reveals New Bitcoin Pricing Model: Prediction Suggests ‘Bullish Run a Month Away’

27/06/2020 by Idelto Editor

The popular bitcoin analyst Willy Woo told his 132,000 Twitter followers that he’s working on a new pricing model that suggests a bull run is imminent. In fact, Woo says the model suggests bitcoin is close to “another bullish run” with “maybe another month to go.”

The price of bitcoin (BTC) has been declining during the last seven days, as BTC has lost 2% overall this past week. The value has been bouncing back and forth between $8,800 to a touch over $10k per BTC. At the time of writing on Sunday, June 27, 2020, the price has been fluctuating between $9,010 to $9,150 during the last 24 hours.

The $165 billion market valuation, still makes up 63% of the entire market valuation of all 5,000+ crypto assets. Despite the downturn, a number of analysts expect a bullish run to come to fruition in the near future. On Sunday, Willy Woo (@woonomic), the well known bitcoin chart analyst and the cofounder of Hypersheet tweeted that he’s been developing a new pricing model for BTC.

“This is a new model I’m working on, it picks the start of exponential bull runs,” Woo tweeted. “Bitcoin was setting up for a bullish run until the COVID white swan killed the party. This model suggests we are close to another bullish run. Maybe another month to go,” he added.

Showing another chart, Woo said that the second graph “very clearly shows how [Covid-19] was a model breaking outlier.” And another chart Woo published indicates that “the longer this bull market takes to wind up, the higher the peak price (Top Cap model). A long sideways accumulation band is ultimately a good thing,” Woo further stressed.

Essentially what the Hypersheet cofounder told his 132,000 Twitter followers is that his new model shows that BTC is “maybe” about a month away from lift-off. If it wasn’t for Covid-19, then Woo believes the bull market would have already started.

Of course, not everyone agreed with Woo’s prediction and the evidence stemming from his new model. “Technical analysis doesn’t work with BTC,” Adam Bornstein replied to Woo. “There are too many exchanges with too thin volume, too many [arbitrage] opportunities, and too much noise built into every move,” Bornstein added.

Although Woo stood up for his position and the analyst responded to Bornstein’s criticism. “I’d agree with you for intra-week moves, but this chart is 8 [years] of macro, where organic investment takes precedence,” Woo replied. Despite, Woo’s defense some still called the prediction “hopium.”

Other Bitcoin evangelists disagree with Woo’s prediction as well, as Tone Vays told the International Business Times (Ibtimes) there’s a chance “bitcoin’s price won’t exceed $10,000 until 2021.”

“Like I’ve been saying for months now, I have no reason to walk away from my prediction early in the year that Bitcoin is going to get stuck between $6,000 and $10,000 for the majority of this year,” Vays told the news outlet. Of course, Ibtimes also mentioned that Vays predicted a dive to $2,800 before the reward halving took place, but the analyst’s forecast never happened.

What do you think about the model Willy Woo created that says a bull run might be one month away? Let us know in the comments section below.

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Market Update: Bitcoin World Reserve Theories, Market Cap Loses $16B, Analyst Predicts $7,500 ETH

15/06/2020 by Idelto Editor

Digital currency markets are down on Sunday evening roughly 2.14% as global trade volume has slid by 31% this weekend. Coins like ethereum, bitcoin, litecoin, and bitcoin cash are all down between 1-2% in the last 24 hours.

Crypto Assets Shed $16 Billion in Two Days

At the time of publication, the cryptocurrency market capitalization is around $261 billion and it has lost around $16 billion in the last two days. In addition to the market cap losses stemming from all 5,000+ coins, global trade volumes have been lower than usual. At the moment, bitcoin (BTC) is swapping for $9,279 per coin. The crypto asset has a market cap of around $170 billion and the currency is down 2.1% in the last 24 hours

Ethereum (ETH) is currently trading for $230 per unit and the crypto asset has lost 3.67% in fiat value today. After hovering at $0.20 per coin, XRP is down 2.3% today and trading for $0.188 per XRP. Tether (USDT) of course, is doing quite well with markets losing value as the stablecoin captures two-thirds of the market share of trading pairs. Right now at a U.S. dollar per unit price, the stablecoin has a $5.76 billion market cap.

Bitcoin cash (BCH) is down 2.2% today as it’s trading for $234 per unit during the evening trading sessions. BCH is the fifth-largest market cap by value below USDT and above BSV. At the time of writing, BCH has a market valuation of $4.3 billion.

‘Monster Move’ Coming Soon for Bitcoin

While bitcoin (BTC) and many other crypto assets have been consolidating and following a triangular pattern, many traders think a big move is in the works for a variety of digital currencies. On June 13, 2020, the popular trader Crypto Birb tweeted out to his 83,000 followers that a “monster move” is expected for BTC.

”Consolidating for 1.5 months already. This is going to be a monster move for BTC soon,” Crypto Birb tweeted. “70% of my BTC holdings are long term spot long that I take profits from on a regular basis as we grow. Short is only a hedge,” the trader added.

Bitcoin Could be a World Reserve Currency Says Financial Author and Tech Visionary Jeff Booth

On June 11, 2020, the entrepreneur and best-selling author, Jeff Booth, spoke with Max Keiser of Keiser Report about bitcoin (BTC). Booth seems to think that BTC has a good chance of being a “world reserve currency.” The author tells Keiser that the central banks’ massive creation of money has been a force that is driving bitcoin’s trend toward being a world reserve.

“Those forces, competing against each other, are driving essential asset prices up… People are trying to work harder to keep up with rising asset prices that are created in the first place by the central governments’ trend to stop deflation,” Booth said. The CEO of e-commerce company Builddirect also added:

I see bitcoin as a likely, a very likely candidate for a world reserve currency. So, I see it has a really good chance of winning over time as it works on a network effect.

Placeholder VC Partner Chris Burniske Expects Ethereum to Touch $7,500 if Bitcoin Reaches $50K

On June 14, 2020, the former lead researcher at Ark Invest and Placeholder VC partner, Chris Burniske, discussed ETH price predictions on Twitter.

On Sunday, Burniske tweeted: If BTC goes [to] $50,000 in the next cycle, and ETH/BTC returns to its former ATH, then expect to see ETH [to] $7,500.” The Placeholder VC partner and analyst further said:

Why bitcoin to $50,000? As discussed in May 2019, if BTC is half as volatile in this cycle as it was in the last, we would still expect it to cross $50K and $1 trillion in network value. $1 trillion has been a long time coming for this macro-asset. Meanwhile, to the mainstream, ETH will be the new kid on the block — expect a frenzy to go with that realization.

What do you think about crypto-asset markets this Sunday? Let us know in the comments below.

The post Market Update: Bitcoin World Reserve Theories, Market Cap Loses $16B, Analyst Predicts $7,500 ETH appeared first on Bitcoin News.

Retail Investors Branch to Altcoins: ‘60% of Coinbase Customers Start With Bitcoin, Only 24% Stick Exclusively’

20/05/2020 by Idelto Editor

On May 13, the San Francisco-based cryptocurrency exchange, Coinbase published a report that shows digital currency investors are investing in alternative cryptocurrencies despite bitcoin’s 67% market dominance. Data from Coinbase shows that customers with at least five crypto purchases, roughly 60% of them buy bitcoin first but only 24% remain exclusively loyal to the digital asset.

75% of Coinbase Customers Eventually Buy Other Digital Assets Rather Than Bitcoin

Coinbase has recently released interesting data on the purchasing of bitcoin (BTC) and alternative digital assets. The company that started in 2012 is one of the most popular cryptocurrency exchanges and is the largest worldwide by reserves held. The recent report dubbed “Bitcoin’s dominance alongside Coinbase customer behavior” indicates that customers who leverage the exchange still enjoy purchasing altcoins other than BTC.

“Among customers with at least 5 purchases, 60% start with Bitcoin but just 24% stick exclusively to Bitcoin. In total, over 75% eventually buy other assets,” the Coinbase report notes.

Coinbase says that in general, BTC is a “blue-chip asset [that] has remained unchallenged.” But the company also sees a trend where alternative digital currencies are increasingly gaining traction. “This could be for a variety of reasons, but one is largely psychological. As people feel good about their initial crypto investments (into Bitcoin), they branch out to find other possible categorical winners (as evident in the 2017 bull run),” the report highlights. “The converse is also possible, as prices drop and fear grips the market (2018–2019), a flight to crypto safety drove Bitcoin back to the forefront,” the San Francisco company’s report further stressed.

‘A Retail Preference to Branch Into Other Assets’

In 2017, Coinbase said it became evident that BTC’s dominance was threatened in 2017 but regained a higher dominance in 2019. At one point in 2017, BTC’s dominance was below the 40% threshold but jumped as high as 72% in 2019. Today the average for the last few months is around 65%. “Retail volume on Coinbase shows an increased proclivity to purchase and trade alternative assets,” Coinbase detailed. The exchange added:

This increasing drive is in part due to Coinbase’s continued addition of new assets, but a deeper cut shows that price volatility significantly swings consumer behavior toward non-BTC assets. This trend first appeared in 2017 and is now evident in large spikes. Notably in late 2019 (with Tezos, Chainlink, BAT, 0x, and Stellar) and again in early 2020 (driven by Ethereum, Tezos, and Chainlink).

These days only 60% of first purchases on Coinbase are BTC, 40% is another coin for first-time buyers. “The retail preference to branch into other assets shows that new users come to crypto through Bitcoin, but generally begin to look for alternative assets and use-cases. In this sense, Bitcoin is also top of the funnel for broader crypto growth,” the Coinbase study highlights.

What do you think about the findings from Coinbase’s recent report? Let us know in the comments section below.

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Bitcoin Soars to Its Highest Level Since Crashing in March

24/04/2020 by Idelto Editor

Bitcoin hit $7,600 on Thursday, its highest level yet since crashing in early March. The cryptocurrency climbed more than 10% during the last 24 hours spurred by the return of leveraged money.

Bitcoin cash (BCH), ethereum (ETH), and ripple (XRP) all rose above 4% to $239, $189, and $0.19, respectively. The digital asset litecoin (LTC) soared more than 7%.

Bitcoin plunged 27% on March 12, otherwise known as ‘Black Thursday, as global financial markets reeled from effects of the coronavirus pandemic.

Experts have targeted a break above $8,000 as a key indicator for a bull run. But after the Thursday pump, BTC got rejected a hair, suggesting this “was not a normal bull flag.” The flash pump above $7,700 quickly lost momentum.

Since mid-March, BTC has appeared to move in sync with riskier assets like stock markets, rising when they rise and falling when they fall. U.S. equities gained on Thursday fuelled by hopes sections of the economy may soon open.

There are other factors in support of a bitcoin rally, however. Breaking a previous resistance level of $7,600 for the second time this month might be an indicator that a pre-halving surge is likely. The bitcoin block reward halving is just over two weeks away. Investors appear to be taking positions for an upswing in the price of BTC, if history is acting as a guide.

In addition, the 14-day Relative Strength Index (RSI) shows the cryptocurrency has yet to enter overbought territory. The RSI for BTC is around 59, far below the key threshold of 70, which signals overbought. A break lower could mean bitcoin falls to around $6,500, another major level of support, say experts.

At the time of publication, the total value of all the BTC in existence exceeds $138 billion. Over the past 52 weeks, the coin has touched a high of $13,796 and a low of $4,106, according to data from coin market capitalization aggregators.

Where do you think the price of bitcoin is headed? Let us know in the comments section below.

The post Bitcoin Soars to Its Highest Level Since Crashing in March appeared first on Bitcoin News.

Market Update: Traders ‘Buck the Trend’ Pushing Crypto Market Cap Above $200 Billion

07/04/2020 by Idelto Editor

Digital currency markets have been rising again as the entire market capitalization of all 5,000+ coins has jumped above the $200 billion mark. The increase in crypto trade volume and coin values has followed alongside the recovery traditional equity markets saw on Monday. On Tuesday, most of the digital assets in the top ten are up between 4-14% and crypto trade volumes have doubled in the last 24 hours.

Also read: Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow Economy

Top Ten Crypto Assets Gain 4-14% in the Last 24 Hours

During the last few weeks, digital currency proponents and crypto traders have been wondering what will happen to bitcoin and the slew of other coins in the crypto industry. For instance, the entire cryptocurrency market capitalization lost a whopping $44 billion on March 12, 2020, otherwise known as ‘Black Thursday.’ BTC prices dropped to a low of $3,870 on March 12. The following day, BTC regained some of the losses when it was hovering between $5,300-5,600 per coin on March 13.

Since then, BTC has gained 30% since the low and on April 7, prices are currently meandering between $7,300-$7,425 during Tuesday morning’s trading sessions. BTC has gained about 4% in the last 24 hours and the coin is up 15% for the week. Ethereum is priced around $174 per ETH and has gained 13.3% today. Behind ETH is XRP, which is swapping for $0.20 per coin as XRP markets are up by 6.8%.

Bitcoin Cash (BCH/USD) Market Action

Bitcoin cash (BCH) is trading for $259 per coin today and has gained 7.2% in the last 24 hours. BCH is up 18% for the week and has also gained 8.5% during the last 90 days. The top trading pair with BCH on Tuesday is tether (USDT), which is capturing around 63% of all BCH trades. This is followed by BTC (20.71%), USD (9.42%), KRW (2.19%), ETH (1.65%), EUR (0.91%), and JPY (0.82%).

Bitcoin cash has a liquid market cap that’s hovering around $4.8 billion on Tuesday, and BCH is the fifth most trade crypto below EOS and above LTC. BCH reported trade volume is around $4.8 billion, but messari.io’s “real volume” statistics note it’s around $35 million. In 22 hours, BCH will be the first major SHA256 branch to experience a halving. After April 8, BCH miners will go from receiving 12.5 coins per block to 6.25 BCH, plus transaction fees.

Digital Currency Market Prices ‘Buck the Trend’

Market analyst from Etoro, Simon Peters, noted in a recent investors’ report that last week’s financial data was far more worrisome than this week’s changes. “Economic data released last week was worrying, to say the least,” Peters wrote. “Midweek figures revealing a drop in exports from big Asian economies, such as Japan and South Korea, hit equity markets globally, resulting in the S&P 500 and the FTSE 100 both dropping considerably.” Peters remarked that cryptocurrency markets, however, have managed to “buck the trend.”

“From a crypto asset point of view, however, both bitcoin and altcoins have performed well during this difficult period,” the Etoro analyst added. “Bitcoin has been in a consolidation phase, remaining steady in between $6,000 and $7,000. There has been the odd spike, both to the upside and the downside, but overall, I am happy with the solidity of the price at the moment. With the Fed carrying out its policy of unlimited quantitative easing, buying assets left right and center, I think bitcoin is going to be pushing towards $7,500 in the short term.

Crypto Investors ‘Shrug Off Pessimism’

While BTC prices remain above the $7K region and a slew of other digital assets follow suit, many market strategists believe crypto investors are less worried. In just a week’s time, sentiment among crypto traders and investors has changed from bearish to bullish. “[Bitcoin and cryptocurrency] purchases follow the signs of improving sentiment in the stock markets,” noted Alex Kuptsikevich, Fxpro’s senior market analyst. “As soon as risk assets start to attract demand actively, institutional investors may also increase their positions in the cryptocurrency,” Kuptsikevich added on Monday.

Additionally, Naeem Aslam the chief market strategist from Avatrade remarked that crypto investors are far more optimistic now. “Investors are shrugging off the pessimism,” Aslam wrote. However, Aslam said that covid-19 might not be over so quickly and the virus could make it so “we could be in for a longer period of recession.”

The Verdict: Post Covid-19 Uncertainty Remains

Overall digital assets have outshined U.S. stock markets and precious metals as well. The price of BTC has surpassed the S&P 500’s gains and the rest of the top U.S. indexes. Since equity markets started showing signs of recovery, gold has moved very little and has only gained 2% since the start of the year. Despite social media and forums showing a lot more optimism among crypto investors, the multifactorial Crypto Fear & Greed Index (CFGI) shows “extreme fear” is still in the air.

Traders understand that digital currencies are doing very well but economic uncertainty, in general, is clouding most people’s predictions. As far as BTC prices are concerned and a few other digital asset values, key resistance has started to form. If crypto assets can’t break these regions, then another pullback could be in the cards. Despite the looming doubt, researchers believe that the response to covid-19 from governments and central banks will be a positive influence on crypto assets.

“We believe that the downstream impact of the government’s fiscal and monetary response to the crisis will be strongly positive for crypto,” Bitwise’s Global Head of Research Matt Hougan remarked in the firm’s April 2020 Investor Letter.

Where do you see the crypto markets heading from here? Let us know in the comments below.

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